Deck 4: Checking Accounts

Question 1

____________________ checks are checks that have been written, but have not yet reached the bank.

Answer 1

Outstanding

Question 2

A fee charged by the bank when a check is written without sufficient funds in the account to cover the amount of that check is called a(n) ____________________ fee.

Answer 2

nonsufficient fund

Question 3

You write a check to cover a bill of $7,653.47. How would you write the word form of this amount on a check?

A) seven thousand six hundred fifty-three and 47/100
B) 47/100
C) seven thousand six hundred fifty-three and 47
D) seven thousand six hundred fifty-three and forty-seven hundredths

Answer 3

seven thousand six hundred fifty-three and 47/100

Question 4

____________________ banking is a faster and convenient alternative to traditional banking.

Question 5

The person or business named on the check to receive the money is called the ____________________.

Question 6

What type of endorsement is illustrated by the following example: Pay to the order of
Mike Lopez
Isis Love
1681-77-75-4

A) Restrictive endorsement
B) Full endorsement
C) Blank endorsement
D) Signature endorsement

Question 7

The signature and instructions on the back of a check instructing the bank on what to do with that check is called a(n) ____________________.

Question 8

Rick makes several purchases totaling $44.28. How would he write the word form of this amount on a check?

A) 28/100
B) forty-four and .28/100
C) forty-four and eighty-two hundredths
D) forty-four and 28/100

Question 9

Raul is writing a check for $305.28. What should he write for the word form of this amount on the check?

A) three hundred-five, 28/100
B) three hundred-five + 28 cents
C) three hundred-five and 28/100
D) three hundred-five and .28

Question 10

A(n) ____________________ endorsement is used when the payee wants to transfer a check to another party.

Question 11

Deposits made which do not clear in time to appear on the current bank statement are called ____________________.

Question 12

The process of adjusting the bank and checkbook balances to reflect the actual current balance of the checking account is called the bank statement ____________________.

Question 13

You write a check to cover a bill of $966.79. How would you write the word form of this amount on a check?

A) nine hundred and 79/100
B) nine hundred sixty-six and 79/100
C) nine hundred sixty-six, + 75 cents
D) nine hundred sixty-six and 75 cents

Question 14

Jorge is writing a check for $65.39. What should he write for the word form of this amount on the check?

A) sixty-five, 29/100
B) sixty-five + 29 cents
C) sixty-five and 39/100
D) sixty-five and .29

Question 15

An endorsement used when the payee wants to deposit a check into his or her account is called a(n) ____________________ endorsement.

Question 16

Samuel is writing a check for $99.99 What should he write for the word form of this amount on the check?

A) ninety-nine, 99/100
B) ninety-nine + 99 cents
C) ninety-nine and 99/100
D) ninety-nine and .99

Question 17

You write a check to cover a bill of $9,421.82. How would you write the word form of this amount on a check?

A) nine thousand, four hundred twenty-one, 82/100
B) 82/100
C) nine thousand, four hundred twenty-one and 82/100
D) nine thousand, four hundred twenty-one and eighty-two hundredths

Question 18

Robb makes several purchases totaling $89.98. How would he write the word form of this amount on a check?

A) eighty nine dollars and ninety-eight cents
B) eighty-nine and ninety-eight cents
C) eighty nine dollars and 98/100
D) eighty-nine and 98/100

Question 19

Funds added to a checking account are called ____________________.

Question 20

Ella makes several purchases totaling $7,489.22. How would she write the word form of this amount on a check?

A) seven thousand four hundred eighty-nine and 22 hundredths
B) seven thousand eighty-nine and 22/100
C) seven thousand four-hundred eighty-nine, + 22 cents
D) seven thousand four hundred eighty-nine and 22/100

Question 21

What type of endorsement is illustrated by the following example: Tom Ash
7609-25-26-3

A) Restrictive endorsement
B) Full endorsement
C) Blank endorsement
D) Signature endorsement

Question 22

On December 10, you receive your bank statement showing a balance of $2,979.94. Your checkbook shows a balance of $2,778.88. Outstanding checks are $381.83 and $171.57. The account earned $126.83. Deposits in transit amount to $472.17, and there is a service charge of $7.00. Calculate the reconciled balance

A) $2,697.65
B) $3,099.77
C) $201.06
D) $2,898.71

Question 23

You wish to make a deposit and have these bills: 11 ones, 4 fives, 4 tens, and 4 twenties. You also have 6 nickels, 12 dimes, and 15 quarters and checks for $72.50 and $65.25. You wish to receive $30 in cash. What will you enter on the NET DEPOSIT line?

A) $294.00
B) $264.00
C) $137.75
D) $156.25

Question 24

Mia received her bank statement on March 6, showing a balance of $1,729.73. The balance shown in her checkbook was $1,427.58. Deposits in transit amounted to $538.52 and there was a service charge of $6.00. Outstanding checks were $155.44, $291.26, and $342.03, and the interest earned was $57.94. Find the reconciled balance.

A) $1,421.58
B) $1,941.00
C) $1,479.52
D) $1,729.73

Question 25

You wish to make a deposit and have these bills: 15 ones, 6 fives, 3 tens, and 5 twenties. You also have 3 nickels, 15 dimes, and 12 quarters and checks for $86.75 and $35.50. You wish to receive $50 in cash. What will you enter on the NET DEPOSIT line?

A) 251.90
B) 301.90
C) 179.65
D) 266.44

Question 26

Adela received her bank statement on March 7, showing a balance of $2,668.02. The balance shown in her checkbook was $2,256.20. Deposits in transit amounted to $646.53 and there was a service charge of $7.00. Outstanding checks were $276.69, $380.00, $35.00, and $282.68, and the interest earned was $90.98. Find the reconciled balance.

A) $1,963.01
B) $2,340.18
C) $2,717.35
D) $3,279.90

Question 27

Moon Lee received her bank statement on September 8, showing a balance of $2,009.32. The balance shown in her checkbook was $2,469.31. Deposits in transit amounted to $1,197.87 and there was a service charge of $6.00. Outstanding checks were $310.18 and $324.50, and the interest earned was $109.20. Find the reconciled balance.

A) $2,363.31
B) $2,572.51
C) $2,474.51
D) $1,247.18

Question 28

Juno wishes to make a deposit. She has these bills: 41 ones, 7 fives, 3 tens, and 2 twenties. She has 8 nickels, 7 dimes, and 22 quarters. Juno has checks for $51.25 and $14.75. Juno wants to receive $50 in cash. What should she enter on the TOTAL line?

A) $50.00
B) $218.60
C) $168.60
D) $208.60

Question 29

Find the amount of the balance forward that would result following these transactions: Starting balance: $2,959.55
March 9; check #701; to Liu Printing; amount of $188.30
Deposit: March 19; amount of $850.51
March 20; check #702; to Dreamscape Gardens; amount of $315.89

A) $3,305.87
B) $3,621.76
C) $2,771.25
D) $2,959.55

Question 30

For what purpose would a payee use an endorsement as shown in the following example: For deposit only P.J. Berry's 6639-88-83-9

A) when depositing a check into his or her account
B) when paying a check
C) when transferring the check to another party
D) when cashing a check

Question 31

Find the amount of the new "balance forward" given the information on this check stub:

A) $1,278.20
B) $1,058.40
C) $1,527.18
D) $1,776.16

Question 32

Lorena received her bank statement on March 8, showing a balance of $3,296.14. The balance shown in her checkbook was $2,796.69. Deposits in transit amounted to $348.11 and there was a service charge of $6.00. Outstanding checks were $280.35, $283.66, and $161.93, and the interest earned was $127.62. Find the reconciled balance.

A) $2,790.69
B) $3,296.14
C) $2,570.20
D) $2,918.31

Question 33

Shannon wishes to make a deposit. She has these bills: 4 ones, 2 fives, 3 tens, and 2 twenties. She has 6 nickels, 10 dimes, and 12 quarters. Shannon has checks for $22.50 and $79.00. Shannon wants to receive $20.00 in cash. What should she enter on the NET DEPOSIT line?

A) $164.00
B) $123.45
C) $187.45
D) $169.80

Question 34

Miguel wishes to make a deposit. He has these bills: 5 ones, 4 fives, 2 tens, and 2 twenties. He has 4 nickels, 17 dimes, and 13 quarters. Miguel has checks for $35.75 and $64.75. Miguel wants to receive $40 in cash. What would he enter on the CURRENCY line?

A) 90.15
B) 85.00
C) 190.65
D) 150.65

Question 35

What type of endorsement is illustrated by the following example: For deposit only
Ray Spark
2425-92-16-6

A) Restrictive endorsement
B) Full endorsement
C) Blank endorsement
D) Signature endorsement

Question 36

Find the amount of the balance forward that would result following these transactions: Starting balance: $2,463.73
February 9; check #944; to Stewart Software; amount of $183.70
Deposit: February 17; amount of $678.57
February 22; check #945; to Great Video; amount of $35.06

A) $1,566.40
B) $2,003.92
C) $2,923.54
D) $2,923.18

Question 37

Find the amount of the balance forward that would result following these transactions: Starting balance: $1,369.51
April 7; check #741; to Toys or Else; amount of $357.44
Deposit: April 17; amount of $216.68
April 26; check #742; to Seller's Auto Body; amount of $58.11

A) $1,012.17
B) $1,228.75
C) $1,170.64
D) $1,604.00

Question 38

What type of endorsement is illustrated by the following example: Pay to the order of
Jim Medley
Tom Spooker
3345-26-37-3

A) business endorsement
B) blank endorsement
C) full endorsement
D) restrictive endorsement

Question 39

Ola wishes to make a deposit. She has these bills: 9 ones, 3 fives, 2 tens, and 4 twenties. She has 32 nickels, 4 dimes, and 10 quarters. Ola has checks for $32.75 and $41.50. Ola wants to receive $30 in cash. What should she enter on the CURRENCY line?

A) $154.25
B) $36.25
C) $124.00
D) $4.80

Question 40

Lenny wishes to make a deposit. He has these bills: 12 ones, 3 fives, 2 tens, and 3 twenties. He has 5 nickels, 17 dimes, and 18 quarters. Lenny has checks for $29.25 and $34.75. Lenny wants to receive $20 in cash. What should he enter on the TOTAL line?

A) $64.00
B) $113.45
C) $177.45
D) $157.45

Question 41

You have just received a check. Your account number is # 5391-2165. Write the endorsement and identify what type it is, allowing you to cash the check.

Question 42

Based on the following information what is the amount of the NET DEPOSIT line?
Date: May 10, 20xx
$658.00 in currency
$4.22 in coins
Two checks, one for $518.17 and another for $278.95

Question 43

What type of endorsement is illustrated by the following:
Pay to the order of
Tom Kairys
Mario Speckman
2968-73-23-2

Question 44

You wish to make a deposit and have these bills: 9 ones, 5 fives, 2 tens, and 5 twenties. You also have 2 nickels, 18 dimes, and 15 quarters. What will you enter on the CURRENCY LINE of the deposit slip?

Question 45

You wish to make a deposit and have these bills: 22 ones, 8 fives, 11 tens, and 3 twenties. You also have 8 nickels, 12 dimes, and 18 quarters. What will you enter on the CURRENCY LINE of the deposit slip?

Question 46

Lillian has made several transactions in the past few days and wants to know her current balance. Find the amount of the balance forward that would result following these transactions:
Starting balance: $2,128.40
June 2; check #542; to JAB Consulting; amount of $263.96
Deposit; June 19; amount of $844.96
June 24; check #543; to Vu Video; amount of $83.44

Question 47

A depositor is a person who deposits money into a checking account.​

Question 48

On May 27, you received your bank statement showing a balance of $1,011.18. Your checkbook shows a balance of $1,024.34. Outstanding checks are $225.50 and $388.10. The account earned $88.51. Deposits in transit amount to $705.27, and there is a service charge of $10.00. Calculate the reconciled balance.

A) $1,384.85
B) $1,102.85
C) $859.58
D) $1,453.18

Question 49

On September 4, you received your bank statement showing a balance of $1,253.18. Your checkbook shows a balance of $1,424.34. Outstanding checks are $115.50 and $258.10. The account earned $68.51. Deposits in transit amount to $605.27, and there is a service charge of $8.00. Calculate the reconciled balance.

A) $1,484.85
B) $1,416.34
C) $879.58
D) $1,253.18

Question 50

You have just received a check. Your account number is # 4891-7665. Write the endorsement and identify what type it is, allowing you to cash the check.

Question 51

On September 3, you received your bank statement showing a balance of $3,047.62. Your checkbook shows a balance of $2,822.20. Outstanding checks are $382.29 and $97.83. The account earned interest of $113.08. Deposits in transit amount to $357.78, and there is a service charge of $10.00. Calculate the reconciled balance.

Question 52

Mirian has made several transactions in the past few days and wants to know her current balance. Find the amount of the balance forward that would result following these transactions:
Starting balance: $2,258.20
June 4; check #442; to Quick Foods; amount of $63.96
Deposit; June 14; amount of $159.22
June 20; check #443; to Roy's Pizza; amount of $33.44
June 22; check #444; to Pet King; amount $40.54

Question 53

Alice makes several purchases totaling $68.37. How would she write the word form of this amount on a check?

Question 54

Based on the following information what is the amount of the NET DEPOSIT line?
Date: June 20, 20xx
$558.00 in currency
$7.22 in coins
Two checks, one payroll check for $218.17 and a personal check for $478.95

Question 55

From the information below, what would be the balance forward that would result from these transactions?
Starting balance: $1,115.75
June 15, 20xx, check #439 issued to Griscom Hardware for supplies in the amount of $98.72
June 16, 20xx, deposit of $529.86
June 19, 20xx, check #440 issued to Bell Telephone Co. for telephone bill, in the amount of $126.59

Question 56

Funds added to checking accounts are called drafts.​

Question 57

Tony received his bank statement on March 7, showing a balance of $1,669.93. The balance shown in his checkbook was $1,451.06. Deposits in transit amounted to $514.37 and there was a service charge of $10.00. Outstanding checks were $249.10, $78.13, and $352.63, and the interest earned was $63.38. Find the reconciled balance.

Question 58

On December 15, you received your bank statement showing a balance of $2,263.28. Your checkbook shows a balance of $2,434.44. Outstanding checks are $215.50 and $358.10. The account earned $78.51. Deposits in transit amount to $805.27, and there is a service charge of $18.00. Calculate the reconciled balance.

A) $2,484.85
B) $2,494.95
C) $874.85
D) $1,222.29

Question 59

You have just received a check. Your account number is # 5391-2165. Write the endorsement and identify what type it is, allowing you to deposit the check in your checking account.

Question 60

You have just received a check. Your account number is # 5391-2165. Write the endorsement and identify what type it is, allowing the check to be transferred to your partner John Jones.

Question 61

It is not necessary to sign the deposit slip when you are asking to receive cash back from a deposit.​

Question 62

Laura Jones received a check from her employer. If Laura signed the back of her check with her name and account number it would be considered a blank endorsement.​

Question 63

A separate booklet of blank forms used to keep track of all checking account activity is called a check register.​

Question 64

A payee is a person issuing a check or a draft.​

Question 65

Additions to a checking account, including deposits and interest earned are called debits.​

Question 66

The bank statement balance for Alan's Auto Repair showed $983.45. The Checkbook Balance showed $1,061.94. Outstanding checks were $45.25, $36.99, and $163.77. Deposits in-transit were $102.50 and $210.00. There was a bank service charge of $8.00 and an ATM fee of $4.00. ​
​
The reconciled bank balance is $1,049.94.

Question 67

Amaya Lin received a check for her birthday. She decided to sign the check over to her sister Kala Lin so she could cash it.
​
The correct full endorsement on the back of the check should include the words:
​
Pay to the order of
​Kala Lin
Amaya Lin
(Amaya's Account #)

Question 68

A restrictive endorsement uses the term "for deposit only" followed by the signature and account number of the payee.​

Question 69

A check that you deposited, but was returned to your bank unpaid because the person of business issuing the check did not have sufficient funds to cover it is called a canceled check. ​

Question 70

A fee charged by banks when a check is written without sufficient funds to cover the check is called an NSF fee.

Question 71

A deposit slip is a bound part of a checkbook used to keep track of checks written, deposits added, and the current balance of a checking account.​

Question 72

The checkbook balance minus service charges and other debits plus interest earned and other credits is the adjusted bank statement balance.​

Question 73

A bank statement is a weekly summary of the activities in the checking account, including debits and credits and the beginning and ending balance.​